Mining Weekly reported that a spike in cobalt supply will put downward pressure on prices in the second half of 2013.

As quoted in the market report:

This project, along with the opening of Highland Pacific’s Ramu nickel/cobalt operation in Papua New Guinea and a ramp-up in supply from Freeport-McMoRan Copper & Gold’s Tenke Fungurume in the Democratic Republic of Congo is expected to keep cobalt prices weak in coming months.

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Global Cobalt Corporation (TSXV:GCO) is a new multinational cobalt exploration and development company with world-class assets in Canada and Russia. Global Cobalt’s flagship asset, Karakul Cobalt Project in the pro-mining Altai Republic of Russia, potentially represents one of the world’s largest primary strategic metal cobalt deposits, based on its current size and scale.

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The long-term outlook for Cobalt is positive and the worlds largest Cobalt producers are confident that the next few years will see a return to robust demand growth. The main growth markets for the metal are the BRIC countries, but demand from Western economies is expected to rise as well. The automotive and aerospace industries are seen as the main catalysts for new growth as manufacturers seek to reduce fuel consumption by creating lighter weight vehicles.

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